Liverpool office sold for £7m

Carleton Estates, a subsidiary of Jolivet Group, has sold a 113,500 sq ft office in Liverpool’s commercial district for £7.2m, two years after the asset was bought for £4.4m.

No.1 Tithebarn has been bought by a private family trust, in conjunction with Shelborn Asset Management. Earlier this year Shelborn was announced as the £17m purchaser of Liverpool’s India Buildings.

The property is situated above Moorfield’s railway station on Old Hall Street, and has ground floor retail units with five floors of offices above. There is 42,000 sq ft of vacant space.

Carleton Estates bought the property from receivers in 2014. Occupiers include Carpenters Legal Practice, which took 19,400 sq ft last year, as well as William Hill, Moorfield Photographics, Tata Consulting, Speed Medical Examinations and SDV.

The building produces a gross income of £682,000 each year.

Brian Rabinowitz, managing director of Shelborn Asset Management, said: “We believe Liverpool is facing an under supply of quality office stock and we feel No. 1 Tithebarn is an excellent opportunity as it provides extremely functional and efficient space right at the centre of the office district. We will be upgrading the reception and common parts to both retain our existing tenants and attract new occupiers. We intend to hold the building long-term.”

Bilfinger GVA and Worthington Owen acted on behalf of Carleton Estates.

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